World Trade

Despite a slowdown, China’s commerce with Russia continues to rise faster than the rest of the world.

China’s Beijing: China’s overall commerce with Russia saw a slowdown in March, but it still outpaced China’s overall import and export growth, as Beijing retaliated against Western sanctions imposed after Russia’s invasion of Ukraine.

China’s customs statistics indicated that Russia-related shipments grew 12.76 percent in March to $11.67 billion, down from a 25.7 percent rise in February, when Russia invaded.

Even still, China’s exports to all nations and regions increased by 7.75 percent in March, reaching $504.79 billion.

As part of what Moscow called a “special military operation,” Russia invaded Ukraine on February 24 in an attempt to demilitarise and “denazify” its southern neighbour.

Beijing has always said that Western sanctions against Moscow are illegal and that Russia’s actions don’t qualify as an invasion.

A few weeks before the war in Ukraine, China and Russia announced a “no-limits” strategic alliance. Last year, China and Russia’s overall trade rose by 35.8%, to $146.9 billion.

As sanctions on Russia rise, China may be able to help ease some of the burdens on its neighbour by purchasing more goods from the United States. There is no evidence that China is breaking Western sanctions on Russia.

China’s customs spokesperson, stated during a press briefing that China’s economic and commercial relations with other nations, including Russia and Ukraine, are normal.

China-Russia trade increased by 30.45% in the first quarter of this year compared to the same period last year, which is in line with prior quarterly rises.

For China, Russia is an important source of energy resources like oil, gas, coal, and food.

Ex-finance minister Alexei Kudrin predicted that Russia’s GDP would shrink by more than 10% in 2022.

Because of the effect of the Russia-Ukraine conflict, the World Trade Organization (WTO) reduced its prediction for global trade growth this year on Tuesday.

$6.3646 yuan is equal to one dollar in Chinese currency

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